FOMC

Jerome Powell

Chair

Bitcoin

Bitcoin is consolidating at $75,000 on Nov. 7 as markets gear up for a United States macro event.
<figure>
 <img alt="Bitcoin preps FOMC reaction as BTC price coils below new $76.5K record" src="https://s3.cointelegraph.com/uploads/2024-11/019305bb-3cc4-7d3e-8bf5-09481440d829" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
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<h2 id="bitcoin-trader-sees-underlying-market-shift">Bitcoin trader sees “underlying market shift”</h2>
Bitcoin’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) price action reached new record highs of $76,480 on Bitstamp before a modest pullback, data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCEUR/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> confirmed.
As the dust settles on the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/live-countdown-us-elections-2024-crypto-industry" rel="" target="_self" text="null" title="https://cointelegraph.com/news/live-countdown-us-elections-2024-crypto-industry">US presidential election</a>, BTC/USD continued to enjoy strong demand.
In his latest analysis on X, trader Skew said this is a decisive factor in buoying the market — one that was previously absent.
“Strong spot flows today has lifted price towards new ATHs &amp; through multi month supply zone ($73K) &amp; Further signs of major shift taking place in the underlying market,” he wrote.
<blockquote>
 “The underlying market shift here is a clear from the return of passive demand for BTC - Limit spot bids.”
</blockquote>
<figure>
 <img alt="Bitcoin preps FOMC reaction as BTC price coils below new $76.5K record" src="https://s3.cointelegraph.com/uploads/2024-11/019305b6-c7c7-7daf-ae8f-1cee2f397a98" title="">
 <figcaption style="text-align: center;">
 BTC/USDT 15-minute chart with liquidity data. Source: Skew/X
 </figcaption>
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Skew noted that sell-side liquidity now stands between the spot price and the $80,000 mark.
“These limit spot bids only were moved up &amp; quoted during the breakout move, which tells me market curve has shifted towards demand,” he concluded.
<figure>
 <img alt="Bitcoin preps FOMC reaction as BTC price coils below new $76.5K record" src="https://s3.cointelegraph.com/uploads/2024-11/019305ba-59b2-7743-8419-0d77004c864f" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/JohnKicklighter/status/1854267165152522358" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/JohnKicklighter/status/1854267165152522358">John Kicklighter</a>
 </figcaption>
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Further volatility is expected later in the day as the Federal Reserve meets to decide on changes to benchmark interest rates.
Markets are already predicting a 0.25% cut, but the Federal Open Market Committee (FOMC) gatherings can nonetheless spark crypto and risk-asset volatility in their own right.&nbsp;
This comes chiefly from the statement and news conference given by Chair Jerome Powell, which will follow the meeting itself, with markets closely watching his language for clues over future policy trajectory.&nbsp;
“I am not bearish at all, although the potential for a short-term consolidation is likely,” analyst Andrea Capellini <a data-ct-non-breakable="null" href="https://x.com/AndreaCapellin4/status/1854284512043450693" rel="null" target="null" text="null" title="null">told</a> X followers in part of a post on the topic.&nbsp;
<blockquote>
 “I could be seeing potentially a move up towards the 77- 77.5k area , but then I am expecting a retracement due to market makers de-risking ahead of FOMC tomorrow.”
</blockquote>
<figure>
 <img alt="Bitcoin preps FOMC reaction as BTC price coils below new $76.5K record" src="https://s3.cointelegraph.com/uploads/2024-11/019305b7-826d-7801-80aa-c8eef0057ac1" title="">
 <figcaption style="text-align: center;">
 Fed target rate probabilities. Source: CME Group
 </figcaption>
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The latest data from CME Group’s <a data-ct-non-breakable="null" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" rel="null" target="null" text="null" title="null">FedWatch Tool</a> put the odds of a 0.25% cut at 97.4% at the time of writing.
<h2 id="btc-price-targets-include-100-000">BTC price targets include $100,000</h2>
BTC price gains, meanwhile, have sparked increasingly bullish prognoses over how much higher Bitcoin could go.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-needs-2-months-return-above-macro-trend-forecast" rel="null" target="null" text="null" title="null">Bitcoin price needs 2 months to return ‘above macro trend’ — Forecast</a>
After breaking out of a consolidation channel <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-analyst-100k-btc-price-february-completely-within-reason" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-analyst-100k-btc-price-february-completely-within-reason">lasting nearly eight months</a>, BTC/USD is giving market participants cause to consider ever higher targets.
“I was right about the pump to $74-$75k, but it looks like I was wrong about the pullback scenario. That said, as I shared yesterday, we had a trigger for longs with the break above $69k, but there was no trigger for a pullback since $BTC held above $72,700 support today,” trader Justin Bennett <a data-ct-non-breakable="null" href="https://x.com/JustinBennettFX/status/1854252401902961013" rel="null" target="null" text="null" title="null">wrote</a> in an X update.
<blockquote>
 “As a side note, I'm seeing Binance perp whales continue to build longs vs. retail. So as long as that's the case and Bitcoin is above $72,700, send it! FOMC tomorrow. If risk assets can survive that, this could be the $100k move everyone has waited for. Let's see.”
</blockquote>
<figure>
 <img alt="Bitcoin preps FOMC reaction as BTC price coils below new $76.5K record" src="https://s3.cointelegraph.com/uploads/2024-11/019305b8-59ee-7e71-b38b-86daaa7865ab" title="">
 <figcaption style="text-align: center;">
 BTC/USDT 1-day chart. Source: Justin Bennett/X
 </figcaption>
</figure>
Like Skew, Bennett highlighted the area around $73,000 as the key line in the sand for bulls to hold going forward.
Continuing, veteran trader Peter Brandt <a data-ct-non-breakable="null" href="https://x.com/PeterLBrandt/status/1854280831969231109" rel="null" target="null" text="null" title="null">described</a> BTC/USD as being in the “sweet spot” of its current bull cycle.
In his words, this “should top in the $130k to $150K range next Aug/Sep.”
<figure>
 <img alt="Bitcoin preps FOMC reaction as BTC price coils below new $76.5K record" src="https://s3.cointelegraph.com/uploads/2024-11/019305b9-0546-7eb3-9d80-ec8cc93e8cb7" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-week chart. Source: Peter Brandt/X
 </figcaption>
</figure>
Earlier, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-to-the-moon-btc-price-levels-next-75k" rel="null" target="null" text="null" title="null">Cointelegraph reported</a> on BTC price support levels being eyed in the event of a market U-turn.<advertisement>
 This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Bitcoin preps FOMC reaction as BTC price coils below new $76.5K record

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